UK's Ramco Energy plc completed the sale of its 2.0825 percent interest in the Azeri, Chirag and Guneshli fields offshore Azerbaijan to three oil companies. Sale price totaled $150 million.
Ramco agreed to sell its interest last July to Amerada Hess. But other field partners had pre-emption rights that allowed the other consortium members to match the offer made by Amerada Hess.
Unocal acquired 0.2325 percent for $16,746,000. Devon Energy acquired 0.8087 percent for $58,250,000.
Amerada Hess ended up acquiring 1.0413 percent for $75,004,000. The fields currently produce around 110,000 b/d of oil and could hold more than 4.75 billion barrels.
© 2001 Mena Report (www.menareport.com)
